How To Launch A Startup In Belfast

Northern Ireland’s capital, Belfast, is quickly becoming an up-and-coming startup destination. While most people will immediately think of the Titanic and shipyards, there is a lot going on there than meets the eye. And in the last decade, Belfast has quietly become one of the top UK locations to start a business.

It may be a small city but its full of grit and potential, packed with creatives and just the right amount of hustle. So how could one launch a startup of their own in this city? Let’s take a look.

 

Why Start A Business In Belfast?

 

According to StartupBlink, Belfast currently ranks 10th in the UK for its startup environment. Why is it so popular? Well, there are loads of reasons but here are some of the most compelling ones.

It’s affordable: For those on a budget, starting a business in Dublin or London may be too pricey and out of the question. In Belfast, you get access to the same talent but minus the hefty price tag.

Post-Brexit market access: Belfast is in quite a unique position in that it can sell to the UK as well as Europe without extra trade hassles.

Great talent: With prestigious institutions like Queen’s University of Belfast, there is no shortage of skilled and educated graduates entering the workforce.

Tight-knit community: Belfast residents are known to be helpful and friendly, especially in business settings. You’ll find founders in coffee shops and tech meetings in old warehouses who are keen to help you with your venture.

 

Industries With High-Growth Potential

 

It’s always worth knowing which sectors are seeing steady growth, especially if you aren’t sure which one you want to go into. In Belfast, here are some of the industries with a lot of opportunities and potential.

Tech and cybersecurity: Major companies like PwC and Allstate have a presence in the city and there has been a surge in startups across AI, software and fintech.

Digital and creative: Belfast is the ideal location for creatives especially in gaming, animation and film. Even the popular HBO series Game of Thrones was filmed there.

Sustainability: On the whole, Northern Ireland is investing a lot into renewable energy, so there is plenty of room for innovation in wind and solar tech.

Agriculture: The city has long-standing farming roots and could always benefit from startups who can make agricultural practices more sustainable.

 

Accelerators And Incubator Programmes

 

If you are just starting out as a new entrepreneur, joining an accelerator or incubator programme can go a long way. Here is where you can find advice and support around Belfast.

Ormeau Baths: A co-working space with a close community that hosts a lot of events for new startup founders.

Catalyst: For science and tech startups, this initiative is behind programmes like Co-founders and Basecamp to help entrepreneurs grow.

Ulster Bank Entrepreneur Accelerator: Provides regular workshops, coaching and a strong network of founders.

 

 

Funding Opportunities For Startups

 

When it comes to securing funding for your venture, there are a couple of avenues that you can explore in Belfast.

Techstart Ventures: They offer seed funding and grants to tech startups in their early-stages.

HBAN: This is a network of angel investors in Belfast who actively look for new ventures to back.

Clarendon Fund Managers: This organisation runs a couple of local funds to support Northern Irish startups.

Invest NI: An agency that offers startup funding, grants and support.

Since your business will be part of the UK, you could also look at national initiatives such as Innovate UK grants or British Business Bank programmes.

 

Can Foreign Founders Start A Business In Belfast?

 

Foreign entrepreneurs are welcome to plant roots in Belfast as long as they have the right visa. Here are some of the options available to non-UK residents.

Startup Visa: This will be suitable if you are just getting started and is valid for up to 2 years. You will need an endorsement from either a university or an approved body.

Innovator Founder Visa: For the more seasoned founders, this is the option to go for. In addition to an endorsement, you need to prove that your business is scalable. It’s valid for up to 3 years and could lead to permanent residency.

Global Talent Visa: If you have already made a name for yourself specifically in the arts, tech or science, this visa can open a lot of doors.

 

How To Start A Business In Belfast

 

Ready to take on a new adventure and launch your business in the innovative city of Belfast? Here’s a simplified, step-by-step guide on how you can get started.

 

Choose A Structure

 

Most startups tend to go for a Limited Liability Company (LLC). However, you can also choose to register as a sole trader if you are a freelancer or single founder, otherwise you can set up a partnership.

 

Register The Business And Open a Business Bank Account

 

The next step is to register your company at Companies House. You can then open a corporate bank account at any one of your local banks. Some will have options specifically tailored for startups so those are worth looking into.

 

Sign Up For Tax

 

This can be done with the HMRC who will issue you with your tax ID. If you plan on hiring employees or have an annual turnover exceeding £85,000 then you are required to register for VAT and payroll as well.

 

Should You Launch A Startup In Belfast?

 

If you’re an ambitious founder who wants a place that is big enough to make exciting things happen but still small enough to feel like you have support, Belfast could be your perfect fit.

It’s more affordable than other UK cities, brimming with talent and opportunity all while still flying under-the-radar enough so that you won’t get completely lost in the noise.

Good luck!